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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
CIT vs. Williamson Magor & Co. Ltd. (Calcutta High Court) The question no.(h) which related to deletion of disallowance of interest on account of borrowed capital is delivered by ITAT based on own previous year judgment but no finding was arrived indicating that the borrowed capital was not utilized for the purpose of earning exempt income. So matter remanded back to the AO.
We should meet our tax obligations every year as responsible citizens. However, the law allows certain “tax-deductible” savings and we owe it to ourselves to benefit from these options, which could translate into future savings. Every citizen has a fundamental duty to pay taxes honestly and a fundamental right to avail of all the tax incentives that the government provides. Therefore, through prudent tax planning, not only can income-tax liability be reduced but a better future can also be ensured through compulsory savings in government and other schemes. Let us take a look at how one can achieve successful tax planning to enjoy optimum benefits.
An Information Security Committee (ISC) in the Central Board of Direct Taxes (CBDT) is hereby constituted compromising the following officers:- (a) Member (IT), CBDT (b) Joint Secretary (FT&TR-I) (c) Joint Secretary (TPL-II)
The following transfers / postings in the grade of Assistant /Deputy Commissioners of income Tax are, hereby, ordered and until further orders: :
CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards(ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head “Profit and gains of business or profession” or “ Income from other sources”. The effective dates of such […]
ORDER NO. 43 OF 2015, New Delhi, dated the 7th April, 2015 The following transfers / postings in the grade of Assistant / Deputy Commissioners of Income Tax are, hereby, ordered and until further orders:-
ORDER NO. 40 Of 2015 Dated the 7th April, 2015 The following Assistant Commissioners of Income Tax (Probationers) in the Pay Scale of Rs, 15,600 – 39,100/- (Plus Grade Pay of Rs. 5,400/- in Pay band-3), on completion of training at National Academy of Direct Taxes (NADT), Nagpur are, hereby, posted in the Region of Pr. Chief Commissioner of Income Tax (CCA)/ Station/ Charge indicated against each of them with immediate effect and until further orders:-
Punjab & Haryana High Court held In the case of M/s Maken Cement Industries vs. CIT that it is settled principle that the substantial question of law would only be based on the documents which were before the authorities below and also which were subject matter of consideration before the Tribunal.
Contention of the Assessee- Provision of Sec. 40(a)(ia) shall apply only in respect of the amounts payable at the end of the year and shall not apply on the amounts actually paid by the appellant during the year.
The following disallowances were made by the AO by invoking provisions of section 40(a)(ia) of the Act: – 1 Disallowance on account of transportation charges paid to M/s. Lalji Mulji – Rs. 1 ,59,386/- 2 Disallowance on account of export freight charges paid – Rs. 6, 17,830/ – 3 Disallowance on account of export freight paid to Indian agents of foreign shipping companies – Rs. 3,70,062/-
